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Property profile & analytics
FOR LEASE
Drug stores
2435 E Greenway Pkwy Phoenix, AZ 85032
Entity Owned
6-yr Hold
~
Est. High Equity
Property ID
US07-0326907
For Lease
1 / 2
Contact for pricing
2435 E Greenway Pkwy, Phoenix, AZ 85032
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Property summary
AI-generated overview
This exceptional freestanding retail property, located at 2435 E Greenway Pkwy in Phoenix, Arizona, presents a unique investment or lease opportunity. The 13,905 square foot building sits on a 2.644-acre lot and is currently vacant. Its strategic location at the intersection of Greenway Parkway and Cave Creek Road offers excellent visibility and accessibility, boasting over 71,000 vehicles per day. The property benefits from multiple access points and is conveniently situated near State Route 51 and a variety of retail amenities. The C-2 zoning allows for a wide range of commercial uses. The property's prominent location allows for monument signage along both Greenway Parkway and Cave Creek Road, maximizing brand exposure. This former Walgreens location offers a substantial footprint, ideal for a variety of retail concepts. The property's size and location within a densely populated residential area make it an attractive option for businesses seeking high visibility and strong customer traffic. The Maricopa County Assessor's Parcel Number (APN) is 214-40-372. The property is available for lease or ground lease.
Property profile
Verified
Property type
Drug stores
Use group
DRUG STORE, PHARMACY
Year built
1999
Construction
CONCRETE
Total area
13,906 SF
Lot
2.64 ac (115,173 SF)
Zoning code
C-1
APN
214-40-372
UPID
US07-0326907
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Joseph Mawyer Pediatrician Physician
-
FedEx OnSite Postal Service Courier Service
-
Katie C. McHugh, Pharm Pharmacy
-
Allison M. Miller, PharmD Pharmacy
-
Walgreens Photo (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$6.23M
Blend (final)
Blend
$6.23M
Owner & transaction history
Arc Wgphxaz001 LLC · 6 yrs held
Arc Wgphxaz001 LLC
since 2019
4 recorded transactions
Zoning & alternative use
C-1 · Phoenix, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The purpose C-1 zone is to provide light neighborhood type retail and customer service uses designed to be compatible with each other and nearby residential districts
Zone name
Neighborhood Retail Commercial
General category
COMMERCIAL
Zone area
1,755.38 ac
Source
Realmo
Top alternative use upside
Commercial (general)
$9.7M
+148.1%
Restaurant
$7.4M
+90.2%
Auto repair, garage
$5.9M
+50.5%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Phoenix submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Phoenix submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$3,905,000
Current use
COMMERCIAL (GENERAL)
$9,685,000
Change: +148% · Conversion: Easy
RESTAURANT
$7,425,000
Change: +90% · Conversion: Easy
AUTO REPAIR, GARAGE
$5,875,000
Change: +51% · Conversion: Difficult
OFFICE BUILDING
$4,205,000
Change: +8% · Conversion: Easy
Blend value · Realmo final
$6.23M
Range $5.61M – $6.85M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$448 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$50,279
Tax year 2023
Assessed value
$694,362
Assessed 2024
Previous assessed
$629,221
+10.4% YoY
Effective rate
7.24%
On assessed value
Land market value
$1,813,100
Improvement market value
$2,395,155
Total market value
$4,208,255
Applied tax rate
691,300.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Drug stores
Use group
DRUG STORE, PHARMACY
Status
For Lease
Year built
1999
Construction
CONCRETE
Heating
PACKAGE
Cooling
YES
Stories
1
Total area
13,906 SF
Lot
2.64 ac (115,173 SF)
Zoning code
C-1
APN
214-40-372
UPID
US07-0326907
Jurisdiction
MARICOPA
Zoning & alternative use
C-1 · Phoenix, AZZoning C-1 · permitted uses
C-1 · Phoenix, AZ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The purpose C-1 zone is to provide light neighborhood type retail and customer service uses designed to be compatible with each other and nearby residential districts
Zone name
Neighborhood Retail Commercial
General category
COMMERCIAL
Zone area
1,755.38 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$3.9M
COMMERCIAL (GENERAL)
Est. value
$9.7M
RESTAURANT
Est. value
$7.4M
AUTO REPAIR, GARAGE
Est. value
$5.9M
OFFICE BUILDING
Est. value
$4.2M
RETAIL STORES Current
COMMERCIAL (GENERAL)
RESTAURANT
AUTO REPAIR, GARAGE
OFFICE BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1999
Construction
CONCRETE
Heating
PACKAGE
Cooling
Yes
Stories
1
Lot
2.64 ac
Current owner
From public records · entity-resolved
Arc Wgphxaz001 LLC
Entity
Mailing address
4468 BRYNWOOD DR, NAPLES, FL 34119-8413
Ownership since
2019
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 9, 2019
$2,075,000
Arc Wgphxaz001 LLC
Vereit Real Estate LP
Special Warranty Deed
$1,000,000 · First Savings Bank
Apr 2, 2013
$3,329,235
Arc Wgphxaz 001 LLC
Markajen Lllp
Grant Deed
—
Nov 15, 2004
—
Markajen
Scanlon Marcia C Trust
Grant Deed
related
—
Jul 14, 2000
$3,290,000
Scanlon Trust
Evergreen-cave Creek LP
Grant Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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